Arenas, 29, played 70 games last season with the Washington
Wizards and the Magic, averaging 10.8 points and 3.9 assists per
game. An All-Star in 2005, 2006 and 2007, he has scored 11,330
points in his 10-year career.

The amnesty clause, included in the league’s new labor
agreement, allows every team one opportunity to waive a player
without the remainder of his contract counting toward the salary
cap or tax threshold. NBA teams were given authority to use the
clause as of 2 p.m. New York time today, after the deal was
officially signed by both the league and players union.

Arenas will make about $15.3 million this year, the fifth
highest salary in the league, according to HoopsHype.com. The
Magic will continue to pay Arenas should no team take him off
waivers.

In January 2010, Arenas was suspended by the NBA for the
remainder of the season after he pleaded guilty to gun charges
involving a locker-room showdown with teammate Javaris
Crittenton. Arenas kept unlicensed guns in his locker, according
to legal documents.